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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Corporate Bankruptcy Process and Costs

My limited company has been operating for 3 years and is completely out of cash with no ability to secure additional finance. It can’t meet monthly operational requirements. There is a total of $75,000 in liabilities and $12,000 in accounts receivables. One supplier (owed $15,000) is demanding payment within 10 days or will sue the company. We can’t pay it, and there is no room for negotiation. How does a company go about starting the bankruptcy process and would there be costs involved?

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One Response to “Corporate Bankruptcy Process and Costs”

A licensed trustee said...

Use the links on this page to contact a trustee in your area. This Blog is for personal bankurptcy issues – corporate matters are generally too complex to allow for quick answers.